CONFERENCE CALL
H1 2012 Results
14.05.2012
H1 2012
Retail turnover H1 2012*
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
SHOPPING CENTERS
* German centers on a like-for-like basis
2
Retail sector % change
in 2011 rent-to-sales
ratio in % % of
sales % of
space
Department stores -0.1 6.0 8.7 15.6
Food +2.3 6.4 9.8 6.3
Fashion textiles -0.8 11.2 27.0 34.4
Shoes & leather goods -1.3 13.4 5.2 6.5
Sports +6.3 8.0 4.3 4.8
Health & Beauty +3.5 7.1 10.6 5.7
General Retail -1.2 10.0 10.9 11.7
Electronics -1.8 2.8 15.0 9.4
Services +1.4 4.8 4.2 1.5
Food catering +1.8 13.4 4.2 4.1
Total +0.3 8.2 100.0 100.0
retail turnover development abroad on a like-for-like basis: +3.0% DES-Portfolio overall: +0.8%
absolute turnover development: Germany +7.1%, Abroad +3.7% DES-Portfolio overall: +6.5%
Interest lockin Duration
Principle amounts (€ thousand)
Share of total loan
avg. interest rate
Up to 1 year 192,928 12.8% 3.26%
1 to 5 years 3.22 424,855 28.2% 4.85%
5 to 10 years 8.36 698,860 46.5% 4.33%
Over 10 years 12.48 187,623 12.5% 4.15%
Total 20121) 6.84 1,504,268 100.0% 4.32%
Loan Structure1)
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
1) as of 30 June 2012
3
5.50 5.36 5.33 5.27
5.03
4.59
4.32
0
1
2
3
4
5
6
7
8
4.00
4.50
5.00
5.50
6.00
2006 2007 2008 2009 2010 2011 2012
Durchschnittszinssatz gewichtete Restlaufzeit der Zinsbindung
yrs %
Banks: 22 German and 1 Austrian
Weighted maturity of fixed interest periods 6.8 years
1)
in € thousand new old +/-
Principle amounts 104,322 104,320 +0,002
Duration 10.0yrs 2.0yrs +8.0yrs
Interest rate 3.02% 5.83% -2.81%
Maturities until 20161)
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
1) as of 30 June 2012
4
Refinancings of 20121)
in € thousand
end of fixed interest periods respectively
expiring loans avg. interest
rate
regular redemption
payments total
maturities
2012 17,100 5.82% 11,690 28,790
2013 177,900 3.75% 19,770 197,670
2014 12,000 5.07% 20,850 32,850
2015 78,600 5.06% 19,450 98,050
2016 170,700 5.43% 16,160 186,860
Key Figures H1 2012
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
5
€ million 30.06.2012 30.06.2011 31.12.2011 Total equity 1,434.6 1,502.7 1,473.1 Interest bearing debt 1,515.5 1,362.1 1,472.1 Other debt (incl. Deferred taxes) 293.8 145.4 279.9 Total assets 3,243.9 3,010.2 3,225.1 Equity ratio 44.2% 49.9% 45.7% LTV ratio 48% 47% 47%
€ million 01.01.-30.06.2012 01.01.-30.06.2011 Change Revenue 104.5 91.1 15% Net operating income 93.6 81.5 15% EBIT 91.2 78.4 16% Net finance costs -42.1 -38.8 -9% Valuation result -1.9 -0.8 EBT 47.2 38.8 22% Consolidated profit 32.6 27.2 20% FFO per share 0.90 0.74 22% EPRA Earnings per share 0.66 0.54 22%
in € thousand 30.06.2012 31.12.2011 Change
Non-current assets 3,144,093 3,139,777 4,316
Current assets 99,839 85,348 14,491
Total assets 3,243,932 3,225,125 18,807
Group equity 1,163,902 1,193,041 -29,139
Non controlling interest 270,693 280,078 -9,385
Total equity 1,434,595 1,473,119 -38,524
Bank debt 1,515,501 1,472,149 43,352
Deferred tax liabilities 220,560 210,587 9,973
Other liabilities 73,276 69,270 4,006
Total equity and liabilities 3,243,932 3,225,125 18,807
Balance Sheet H1 2012
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
6
in € thousand 01.01. – 30.06.2012
01.01. – 30.06.2011 Change
Revenue 104,476 91,093 15% Property operating and management costs -10,896 -9,581
Net operating income 93,580 81,512 15%
Other operating income 765 145
Corporate costs -3,123 -3,301
EBIT 91,222 78,356 16%
Net interest expense -32,614 -31,250
Profit/loss attributable to limited partners -9,532 -7,510
Net finance costs -42,146 -38,760 -9%
Measurement gains/losses -1,867 -790
EBT 47,209 38,806 22%
Taxes -14,631 -11,596
Consolidated profit 32,578 27,210 20%
Profit and Loss Account H1 2012
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
7
Revenue Bridge H1 2012
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
8
FINANCIALS
€m
91.1
104.5 +11.8 +1.6 = +2.2%
H1 2011 Dresden, MTZ, A10 Magdeburg
Increase in rents H1 2012
Net Finance Cost Bridge H1 2012
FINANCIALS
CONFERENCE CALL | H1 2012 RESULTS
9
14.05.2012
€m
-38.8 -1.3
-2.0
H1 2011 Interest expense Minority profitshare H1 2012
-42.1
EBT Bridge H1 2012
FINANCIALS
CONFERENCE CALL | H1 2012 RESULTS
10
14.05.2012
€m
38.8
47.2
-1.1
+9.5 = +24.0%
H1 2011 Valuation result Increase H1 2012
Profit Bridge H1 2012
FINANCIALS
CONFERENCE CALL | H1 2012 RESULTS
11
14.05.2012
€m
27.2
32.6
-0.7
+6.1 = +22.0%
H1 2011 Valuation result Increase H1 2012
Forecast
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
FINANCIALS
1) Compound Annual Growth Rate (CAGR) 2007-2011 2) incl. at-equity consolidation scenario 3) at-equity consolidation 4) incl. dilution
12
REVENUE €m
EBIT
€m
EBT WITHOUT VALUATION
€m
FFO PER SHARE €m
1.12 1.38 1.40 1.40
1.61
2007 2008 2009 2010 2011 2012 2013
38.9 48.7 54.9 63.9
1 2 3 4 5 6 7
77.2 98.1 110.7 124.0 165.7
147-151
151-155
95.8 115.3 127.6 144.2
190.0 178-182
+20%
+27%
+25%
+23%
+11%
+13%
+13%
+1%
+13%
+12%
+16%
+0%
+32%
+34%
+36%
+15%
+10%
+8%
+10%
+7%
CAGR1): +19%
207-211
174-178
CAGR1): +21%
CAGR1): +22%
CAGR1)4): +9%
+2%
177-181
+3%
86.5 94-97 98-101
+4%
1.70-1.74 1.76-1.80
20122) 20133)
+3%
Key Data of the Share
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
APPENDIX
13
Listed since 02.01.2001 Nominal capital €51,631,400.00 Outstanding shares 51,631,400 Class of shares Registered shares Dividend 2011 (22.06.2012) €1.10 52W High €31.40 52W Low €22.91 Share price (10.08.2012) €30.53 Market capitalisation €1.6 billion avg. turnover per day last 12 months (XETRA) 143,400 shares
Indices MDAX, EPRA, GPR, MSCI Small Cap, EURO STOXX, STOXX Europe 600
Official market Prime Standard Frankfurt and XETRA
OTC market Berlin-Bremen, Dusseldorf, Hamburg, Hanover, Munich and Stuttgart
ISIN DE 000 748 020 4 Ticker DEQ, Reuters: DEQGn.DE Market makers Close Brothers Seydler, WestLB
Financial Calendar
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
APPENDIX
14
2012
14.08. Interim report H1 2012
16.08. Roadshow Edinburgh, M.M. Warburg
04.–05.09.
Kempen & Co. German Property Seminar, Berlin
05.09. Bank of America Merrill Lynch pre-EPRA Event, Berlin
06.–07.09. EPRA Annual Conference, Berlin
13.09. Roadshow Amsterdam, Rabo
18.09. Roadshow Helsinki/Stockholm, Berenberg
19.09. Roadshow Copenhagen, equinet
26.09. UniCredit Kepler German Investment Conference, Munich
27.09. Baader Investment Conference, Munich
09.10. ExpoREAL, Munich
17.10. Roadshow Brussels, ING
17.10. Roadshow Zurich, Deutsche Bank
18.10. Roadshow Geneva, Deutsche Bank
13.11. Nine-month report 2012
15.11. Roadshow Paris, Metzler
Contact
Deutsche EuroShop AG Investor & Public Relations Oderfelder Straße 23 20149 Hamburg
Tel. +49 (40) 41 35 79 - 20 / -22 Fax +49 (40) 41 35 79 – 29 E-Mail: [email protected] Web: www.deutsche-euroshop.com
Important Notice: Forward-Looking Statements
Statements in this presentation relating to future status or circumstances, including statements regarding management’s plans and objectives for future operations, sales and earnings figures, are forward-looking statements of goals and expectations based on estimates, assumptions and the anticipated effects of future events on current and developing circumstances and do not necessarily predict future results.
Many factors could cause the actual results to be materiallydifferent from those that may be expressed or implied bysuch statements.
Deutsche EuroShop does not intend to update these forward-looking statements and does not assume any obligation to do so.
14.05.2012 CONFERENCE CALL | H1 2012 RESULTS
APPENDIX
15
Patrick Kiss Head of Investor & Public Relations
Nicolas Lissner Manager Investor & Public Relations
Claus-Matthias Böge Chief Executive Officer
Olaf G. Borkers Chief Financial Officer
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